Inflation-Adjusted iShares Core S&P Small-Cap ETF (IJR)

The iShares Core S&P Small-Cap ETF (IJR) tracks the S&P SmallCap 600 Index, giving investors exposure to a broad range of small US companies.

Accurately assessing an asset's performance requires looking beyond nominal prices to account for the impact of inflation. This page adjusts IJR's historical prices using the US Consumer Price Index to reveal its real performance over time.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use September 2025 as the baseline (latest available CPI).

The current value of the iShares Core S&P Small-Cap ETF is 121.84 (as of the close of Dec 4, 2025), 2.46% lower than the all-time high of 124.91 (Nov 25, 2024).

While the nominal high reached 124.91, the inflation-adjusted peak value was 131.69 on November 8, 2021.

Since May 26, 2000, the inflation-adjusted total return for the ETF has been 445.52%, which is equivalent to an annual growth rate of 6.87%.

In nominal values, the total return since this date has been 933.14%, or an annualized rate of 9.58%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. Inflation-adjusted figures show what past levels would be worth using roughly today's purchasing power (based on the latest CPI data). The latest entry in the table will have equal nominal and adjusted values until the next CPI figures are released.

Date	Inflation-Adjusted	Nominal value
Dec 2025	121.84	121.84
Nov 2025	120.87	120.87
Oct 2025	117.8	117.8
Sep 2025	118.83	118.83
Aug 2025	117.9	117.6
Jul 2025	110.46	109.87
Jun 2025	109.64	108.88
May 2025	105.68	104.6
Apr 2025	100.63	99.39
Mar 2025	105.42	103.8
Feb 2025	112.61	110.63
Jan 2025	119.84	117.21
Dec 2024	117.35	114.03
Nov 2024	127.73	124.07
Oct 2024	114.94	111.71
Sep 2024	118.14	114.69
Aug 2024	117.35	113.74
Jul 2024	119.3	115.53
Jun 2024	107.65	104.13
May 2024	110.31	106.66
Apr 2024	105.19	101.55
Mar 2024	111.8	107.51
Feb 2024	108.97	104.11
Jan 2024	106.22	100.86
Dec 2023	111.16	104.98
Nov 2023	98.48	93.09
Oct 2023	90.77	85.98
Sep 2023	96.29	91.25
Aug 2023	102.63	97.02
Jul 2023	107.56	101.23
Jun 2023	102.12	95.93
May 2023	94.69	88.66
Apr 2023	96.54	90.16
Mar 2023	99.81	92.75
Feb 2023	105.66	97.87
Jan 2023	107.55	99.06
Dec 2022	98.99	90.46
Nov 2022	105.76	96.94
Oct 2022	101.58	93.2
Sep 2022	90.82	82.99
Aug 2022	100.95	92.05
Jul 2022	105.47	96.21
Jun 2022	95.93	87.51
May 2022	106.26	95.63
Apr 2022	105.46	93.87
Mar 2022	115.07	101.86
Feb 2022	116.24	101.54
Jan 2022	115.72	100.16
Dec 2021	125.76	107.95
Nov 2021	120.74	103.32
Oct 2021	124.35	105.9
Sep 2021	121.1	102.27
Aug 2021	124.4	104.78
Jul 2021	122.32	102.81
Jun 2021	125.94	105.35
May 2021	126.68	104.99
Apr 2021	125.08	102.85
Mar 2021	123.82	100.98
Feb 2021	120.44	97.53
Jan 2021	112.43	90.55
Dec 2020	106.35	85.29
Nov 2020	98.34	78.79
Oct 2020	83.14	66.65
Sep 2020	81.11	65
Aug 2020	85.19	68.17
Jul 2020	82.27	65.63
Jun 2020	79.3	62.94
May 2020	76.95	60.74
Apr 2020	73.71	58.18
Mar 2020	64.85	51.53
Feb 2020	83.55	66.54
Jan 2020	92.62	73.57
Dec 2019	96.88	76.65
Nov 2019	93.97	74.41
Oct 2019	91.17	72.24
Sep 2019	89.56	70.8
Aug 2019	86.72	68.5
Jul 2019	90.88	71.79
Jun 2019	89.96	70.95
May 2019	83.83	66.1
Apr 2019	92	72.38
Mar 2019	89.05	69.69
Feb 2019	92.57	72.04
Jan 2019	89.09	69.05
Dec 2018	80.69	62.41
Nov 2018	91.6	71.08
Oct 2018	89.86	69.96
Sep 2018	100.61	78.2
Aug 2018	103.93	80.69
Jul 2018	99.21	76.98
Jun 2018	96.11	74.57
May 2018	95.27	73.8
Apr 2018	89.87	69.32
Mar 2018	89.29	68.6
Feb 2018	87.75	67.27
Jan 2018	91.64	69.93
Dec 2017	89.88	68.22
Nov 2017	90.3	68.58
Oct 2017	87.25	66.26
Sep 2017	86.45	65.69
Aug 2017	80.62	60.94
Jul 2017	82.9	62.48
Jun 2017	82.03	61.86
May 2017	79.78	60.12
Apr 2017	81.56	61.4
Mar 2017	81.06	60.85
Feb 2017	81.21	60.91
Jan 2017	80.18	59.94
Dec 2016	81.11	60.29
Nov 2016	78.48	58.32
Oct 2016	69.64	51.83
Sep 2016	72.95	54.22
Aug 2016	72.67	53.88
Jul 2016	71.73	53.14
Jun 2016	68.21	50.61
May 2016	67.95	50.26
Apr 2016	67.15	49.46
Mar 2016	66.67	48.88
Feb 2016	61.9	45.19
Jan 2016	61.28	44.7
Dec 2015	65.41	47.63
Nov 2015	68.42	50
Oct 2015	66.49	48.69
Sep 2015	62.65	45.89
Aug 2015	64.84	47.57
Jul 2015	68.29	50.18
Jun 2015	68.87	50.6
May 2015	68.39	50.07
Apr 2015	67.75	49.35
Mar 2015	69.49	50.52
Feb 2015	68.8	49.72
Jan 2015	65.18	46.9
Dec 2014	67.29	48.65
Nov 2014	65.03	47.28
Oct 2014	64.8	47.37
Sep 2014	60.46	44.31
Aug 2014	63.83	46.74
Jul 2014	61.12	44.84
Jun 2014	64.7	47.47
May 2014	61.87	45.32
Apr 2014	61.99	45.24
Mar 2014	63.94	46.52
Feb 2014	63.92	46.21
Jan 2014	61.45	44.26
Dec 2013	64.05	45.96
Nov 2013	63.18	45.34
Oct 2013	60.35	43.39
Sep 2013	58.11	41.89
Aug 2013	54.81	39.47
Jul 2013	56.19	40.41
Jun 2013	52.6	37.82
May 2013	52.79	37.86
Apr 2013	50.69	36.29
Mar 2013	50.72	36.35
Feb 2013	48.82	34.9
Jan 2013	48.54	34.41
Dec 2012	46	32.52
Nov 2012	44.49	31.53
Oct 2012	43.71	31.13
Sep 2012	44.7	31.85
Aug 2012	43.89	31.13
Jul 2012	42.48	29.97
Jun 2012	42.75	30.2
May 2012	40.95	28.97
Apr 2012	43.63	30.91
Mar 2012	44.37	31.34
Feb 2012	43.45	30.45
Jan 2012	42.71	29.81
Dec 2011	40.25	27.96
Nov 2011	39.65	27.62
Oct 2011	39.37	27.45
Sep 2011	34.19	23.88
Aug 2011	38.18	26.63
Jul 2011	41.51	28.88
Jun 2011	42.91	29.82
May 2011	43.66	30.38
Apr 2011	44.25	30.64
Mar 2011	43.4	29.86
Feb 2011	42.57	29.01
Jan 2011	40.96	27.77
Dec 2010	41.11	27.74
Nov 2010	38.28	25.79
Oct 2010	36.89	24.84
Sep 2010	35.43	23.83
Aug 2010	31.86	21.42
Jul 2010	34.53	23.18
Jun 2010	32.45	21.78
May 2010	34.89	23.44
Apr 2010	37.61	25.24
Mar 2010	35.6	23.86
Feb 2010	33.11	22.1
Jan 2010	31.81	21.22
Dec 2009	32.96	21.91
Nov 2009	30.4	20.24
Oct 2009	29.64	19.73
Sep 2009	31.42	20.9
Aug 2009	29.92	19.88
Jul 2009	29.29	19.42
Jun 2009	26.65	17.7
May 2009	26.41	17.39
Apr 2009	26	17.07
Mar 2009	22.07	14.46
Feb 2009	20.75	13.55
Jan 2009	23.65	15.37
Dec 2008	26.89	17.41
Nov 2008	25.32	16.56
Oct 2008	28.18	18.79
Sep 2008	34.77	23.42
Aug 2008	37.19	25.09
Jul 2008	35.52	24.06
Jun 2008	35.04	23.61
May 2008	38.25	25.51
Apr 2008	37.03	24.49
Mar 2008	35.68	23.46
Feb 2008	36.02	23.47
Jan 2008	37	24.05
Dec 2007	39.31	25.42
Nov 2007	39.7	25.69
Oct 2007	42.99	27.66
Sep 2007	42.36	27.19
Aug 2007	41.8	26.76
Jul 2007	40.96	26.27
Jun 2007	43.13	27.67
May 2007	43.92	28.12
Apr 2007	42.34	26.94
Mar 2007	41.64	26.33
Feb 2007	41.32	25.89
Jan 2007	41.8	26.05
Dec 2006	41.11	25.54
Nov 2006	41.16	25.53
Oct 2006	40.05	24.88
Sep 2006	37.88	23.67
Aug 2006	37.37	23.46
Jul 2006	36.78	23.04
Jun 2006	38.31	23.93
May 2006	38.46	23.98
Apr 2006	40.49	25.12
Mar 2006	40.79	25.09
Feb 2006	39.06	23.9
Jan 2006	39.33	24.01
Dec 2005	36.63	22.19
Nov 2005	36.89	22.44
Oct 2005	34.8	21.34
Sep 2005	36.16	22.13
Aug 2005	36.33	21.97
Jul 2005	37.12	22.33
Jun 2005	35.14	21.04
May 2005	33.95	20.32
Apr 2005	31.86	19.09
Mar 2005	33.96	20.21
Feb 2005	35.12	20.74
Jan 2005	34.36	20.18
Dec 2004	35.23	20.64
Nov 2004	34.46	20.27
Oct 2004	31.7	18.63
Sep 2004	31.22	18.25
Aug 2004	29.81	17.39
Jul 2004	30.12	17.57
Jun 2004	31.83	18.59
May 2004	30.27	17.62
Apr 2004	29.8	17.25
Mar 2004	31.1	17.95
Feb 2004	30.84	17.68
Jan 2004	30.45	17.36
Dec 2003	29.72	16.86
Nov 2003	29.29	16.64
Oct 2003	28.12	16.02
Sep 2003	25.86	14.74
Aug 2003	26.66	15.15
Jul 2003	25.49	14.43
Jun 2003	24.31	13.75
May 2003	23.69	13.38
Apr 2003	21.96	12.43
Mar 2003	20.19	11.45
Feb 2003	20.21	11.39
Jan 2003	21.1	11.8
Dec 2002	21.86	12.18
Nov 2002	22.56	12.59
Oct 2002	21.41	11.95
Sep 2002	20.84	11.61
Aug 2002	22.17	12.33
Jul 2002	22.11	12.26
Jun 2002	25.73	14.25
May 2002	27.17	15.04
Apr 2002	28.38	15.71
Mar 2002	27.66	15.23
Feb 2002	25.81	14.13
Jan 2002	26.45	14.42
Dec 2001	26.12	14.21
Nov 2001	24.39	13.32
Oct 2001	22.84	12.5
Sep 2001	21.53	11.82
Aug 2001	25.18	13.76
Jul 2001	25.65	14.02
Jun 2001	25.75	14.11
May 2001	25.24	13.81
Apr 2001	24.85	13.53
Mar 2001	23.13	12.55
Feb 2001	24.3	13.15
Jan 2001	25.94	13.98
Dec 2000	24.92	13.35
Nov 2000	22.62	12.12
Oct 2000	25.16	13.48
Sep 2000	25.07	13.41
Aug 2000	25.93	13.79
Jul 2000	23.72	12.62
Jun 2000	24.46	12.98
May 2000	23.22	12.26

Returns from Investing in the iShares Core S&P Small-Cap ETF

How much did an investment in the IJR ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the iShares Core S&P Small-Cap ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Observe how inflation erodes nominal gains, sometimes resulting in a negative real return even when the ETF nominally increased, as in 2011.

Year	Inflation-Adjusted Return	Nominal Return
2024	5.56%	8.61%
2023	12.29%	16.06%
2022	-21.28%	-16.2%
2021	18.25%	26.58%
2020	9.78%	11.27%
2019	20.07%	22.81%
2018	-10.23%	-8.51%
2017	10.8%	13.14%
2016	24.02%	26.59%
2015	-2.8%	-2.09%
2014	5.05%	5.84%
2013	39.23%	41.32%
2012	14.3%	16.29%
2011	-2.1%	0.8%
2010	24.74%	26.61%
2009	22.55%	25.88%
2008	-31.58%	-31.52%
2007	-4.39%	-0.49%
2006	12.23%	15.09%
2005	3.98%	7.53%
2004	18.54%	22.4%
2003	35.94%	38.49%
2002	-16.29%	-14.31%
2001	4.8%	6.43%

Ishares Core S&P Small-Cap Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the iShares Core S&P Small-Cap over various trailing periods ending September 30, 2025, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	0.58%	3.61%
Last 3 years	9.38%	12.71%
Last 5 years	7.94%	12.83%
Last 10 years	6.61%	9.98%
Last 20 years	6.13%	8.77%

Real Returns of Investing in the iShares Core S&P Small-Cap

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the iShares Core S&P Small-Cap five years ago yielded an 78.59% nominal gain, but the real return (the actual increase in buying power) was 42.23%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2020 - Sep 2025	$178.59	78.59%	42.23%
Last 10 years Feb 2015 - Sep 2025	$239	139%	72.72%

About the iShares Core S&P Small-Cap ETF

The iShares Core S&P Small-Cap ETF (IJR) is an exchange-traded fund from BlackRock designed to track the investment results of an index composed of small-capitalization US equities, specifically the S&P SmallCap 600. Launched in May 2000, IJR offers investors exposure to a diverse portfolio of 600 small-cap stocks, which are often considered to have higher growth potential than their larger counterparts.

The fund spans various sectors and is a popular choice for investors looking to add the unique characteristics of small-cap stocks to their investment strategy.

Last Close Dec 4, 2025	121.84
Highest Nov 25, 2024	124.91
Highest, Inflation-Adjusted Nov 8, 2021	131.69
Annualized return Since May 26, 2000	9.58%
Annualized return, Inflation-Adjusted Since May 26, 2000	6.87%